This bill amends section 331.326 of the Florida Statutes to establish confidentiality protections for trade secrets held by Space Florida. It provides an exemption from public records requirements for any information classified as a trade secret, as defined in existing law, and stipulates that portions of meetings of Space Florida's board of directors where such confidential information is discussed will be closed to the public. Additionally, records generated during these closed meetings will also be exempt from public records requirements. The bill includes a provision for legislative review and potential repeal of these exemptions, with a sunset date set for October 2, 2031.

The bill emphasizes the necessity of protecting trade secrets to ensure that Space Florida can effectively conduct its business without the risk of sensitive information being disclosed. It argues that if trade secrets are not safeguarded, it could deter spaceport users from engaging with Space Florida, ultimately harming the state's economic interests in the space industry. The act is set to take effect on July 1, 2026.